However, the amendments were made to the FEMA Act Regulation by the Reserve Bank of India in 2018, a year before the Citizenship Amendment Act came into force.
New Delhi| The banks may add a new section in your KYC forms asking customer’s religion. According to a report appeared in TOI, there have been changes made to FEMA Act regulations. After which benefits of opening an NRO Account (Non-Resident Ordinary) account and holdings of property in India are extended to selective religions. However, this does not include Muslims.
In the light of the Citizenship Amendment Act, which seeks to grant Indian Citizenship to Hindus, Christians, Sikhs, Jains, Parasis and Buddhist from Pakistan, Bangladesh and Afghanistan, the recent changes in banking-related regulations seem similar.
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However, the above-mentioned amendments were made by the Reserve Bank of India in 2018, a year before the Citizenship Amendment Act came into force. Just like the CAA, the new FEMA Act Regulation extends benefits such as opening bank account and holding land in India to minority communities Hindus, Christians, Sikhs, Jains, Parasis and Buddhist from Pakistan, Bangladesh and Afghanistan who also hold Long Term Visas.
The new rules do not include Muslim Migrants as well as migrants from Tibet, Myanmar or even Sri Lanka, TOI Reported.
According to the amendment to Schedule 3 of the Fema (Deposit) regulation, A person who fits the above-mentioned criteria can with the help of authorized dealer open one NRO account in India. This account will be turned into a resident account after he/she becomes a citizen of India under the Citizenship Act, 1955.
The Fema (Acquisition and Transfer of Immovable Property in India) Regulations says that A person who fits the above-mentioned criteria can buy one immovable residential property for dwelling and one immovable property for self-occupation.
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